Early adoption of Russia’s central bank digital currency, the digital ruble, has vastly exceeded forecasts, with more than 220,000 accounts opened in its first month, offering an early test of whether CBDCs can move beyond pilot programs and gain real-world adoption.
As Reuters reported Tuesday, Russian central bank Deputy Governor Zulfiya Kakhrumanova said the figure far exceeded the roughly 60,000 accounts officials had expected following the CBDC’s Sept. 1 launch.
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The rollout comes as BRICS, the bloc of major emerging economies that includes Russia, China and India, explores ways to link members’ CBDCs for cross-border payments. As Reuters reported, Russia accelerated development of the digital ruble after Western sanctions imposed over the war in Ukraine cut the country off from parts of the global financial system and complicated payments with major trading partners, including China and India.
Separate reporting from Reuters suggested CBDCs were a key topic at the 18th BRICS Summit in New Delhi, India, last month, where leaders backed efforts to expand local currency trade settlement and link members’ CBDCs for cross-border payments.
CBDCs have drawn controversy over concerns about government surveillance and centralized control of money. In the United States, a major housing law enacted earlier this year included a provision barring the Federal Reserve from issuing or creating a CBDC through the end of 2030.
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